In this age of Connection Economy, can you identify…
- WHO your high value customers are?
- WHAT their preferences and characteristics are?
- WHEN the right time is to connect with customers?
- WHERE to find them?
- WHY you need to connect with them strategically?
- HOW do you communicate with this customer group?
Answering these questions is the best way to identify your high value customer group. The returns you aim to get from customers should not be limited to only today, but throughout your customer’s lifetime.
Marketers are very well aware that customer acquisition is a far more expensive affair than retention. In order to retain high value customers, there should be constant reinvention, refinement and evolution in customer service and the experience it creates.
Knowing your customer lifetime value helps in:
- Understanding what your customers want
- Identifying which customer segments to invest in further
- Determining which product and services need to be offered and promoted to specific segments
- Finding new markets and customers to target
- Adjusting pricing strategies to gain maximum value
- Identifying dormant or ‘unprofitable’ customers that you should focus less on
- Establishing investment areas which are not generating growth
Your most valuable customer need not be the one who pays you the most. They are those customers who are loyal and satisfied, who believe in your brand and become brand ambassadors. Customer loyalty is one the primary ways of increasing value and segmentation is the way you can identify those high value prospects and customers.
Let’s create value that will last a lifetime